Seplat Petroleum Development Company

What Seplat Petroleum Development Company does

Seplat Energy Plc, formerly Seplat Petroleum Development Company, is Nigeria's largest indigenous independent energy company, operating across upstream oil and gas production and midstream gas processing. Founded in 2009 and dual-listed on the Nigerian Stock Exchange and the London Stock Exchange, the company is headquartered in Lagos with a London office, and its operations are concentrated in the Niger Delta. It serves Nigeria's domestic energy market through crude oil, natural gas, and LPG, supplying NNPC, refineries, gas processors, and LPG distributors under long-term offtake arrangements.

The company's flagship technical asset is the ANOH Gas Project, a 300 MMscfd midstream gas processing facility developed as a joint venture with NNPC at a 55% NNPC / 45% Seplat ownership split, with first gas achieved in January 2026. The company has scaled through serial acquisitions of divested international oil company assets, including transactions involving Shell, ExxonMobil (MPNU), Eni, and Eland Oil & Gas (acquired in 2019 for approximately $489M). Pipeline and depot infrastructure across the Niger Delta supports direct distribution to downstream customers, and the November 2025 handover of the NCDMB Power System extends the company's footprint into power generation.

The business model generates revenue through crude oil sales, gas processing tariffs from the ANOH JV, and LPG distribution. Long-term offtake contracts with NNPC and downstream counterparties provide revenue predictability, while the recent rebrand to Seplat Energy Plc signals a strategic repositioning toward an integrated energy platform spanning gas, power, and downstream products. With a market capitalization exceeding N4.3 trillion and a 26.8% YTD share price rally, the company is a significant indigenous player in Nigeria's energy sector, though its revenue base remains concentrated in a single domestic market.

Name

Seplat Petroleum Development Company

Legal name

Seplat Energy Plc

Website

https://seplatpetroleum.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Seplat Energy Plc is Nigeria's largest indigenous independent energy company, operating upstream oil and gas production and midstream gas processing through the NNPC JV, serving Nigeria's domestic market with crude oil, natural gas, LPG, and power.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (21113), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311), Cogeneration Services & Small Power Producers (4991), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

akta.pro secondary industries

Gas Gathering & Inlet Compression (EUAAABAA), Field Treating & Separation (Heater Treaters, Separators, LACT) (EUALACAI)

Keywords

• Upstream oil production
• Natural gas processing
• Crude oil exploration
• Midstream gas infrastructure
• LPG distribution

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Distribution channels2 records

Marketing channels4 records

Core offering

Seplat Energy is an independent upstream oil and gas exploration and production company that extracts and sells crude oil, natural gas, and LPG from its Niger Delta assets, primarily through joint ventures with NNPC. It also operates midstream gas processing infrastructure, including the 300 MMscfd ANOH Gas Project which achieved first gas in January 2026 to supply the Nigerian domestic energy market.

Product overview

Seplat Energy is Nigeria's independent energy company operating a dual-segment business model comprising Upstream oil and gas production and Midstream gas infrastructure. The upstream segment encompasses producing oil fields in the Niger Delta, while the midstream gas segment includes the 300 MMscfd ANOH Gas Project which achieved first gas in January 2026. The company also operates through the NNPC/Seplat Joint Venture for certain upstream assets. The portfolio is rounded out by various social impact programs including STEAM education laboratories, teacher empowerment, scholarships, and healthcare initiatives delivered under the joint venture umbrella.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Production (Upstream) Exploration, development, and production of crude oil from upstream assets in the Niger Delta region, including producing fields and assets acquired from major international oil companies. Sold to refineries and international offtakers via long-term contracts.
• ANOH Gas Project (Midstream Gas) A 300 MMscfd midstream gas processing facility designed to process and supply domestic natural gas to support Nigeria's energy needs, including power generation, industrial use, and household cooking gas supply.
• Liquefied Petroleum Gas (LPG) LPG produced and supplied for domestic cooking gas use by households and businesses in Nigeria, addressing the country's reliance on imported LPG and helping stabilize domestic cooking gas prices.

Quantifiable outcome

• Over 50% share of Nigeria's total oil and gas output as an indigenous producer
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• AIAC West Africa 2026 (Conference and Exhibition)minorOthers · 9 June 2026Seplat participated as a participating organization delivering keynote addresses and technical presentations at AIAC West Africa 2026, a conference and exhibition focused on Asset Integrity, Automation & Cybersecurity in the oil & gas industry, held at The Civic Centre, Lagos, Nigeria on 9–10 June 2026. Other participating organizations included NNPC Gas Infrastructure Company Limited, TotalEnergies, BP, Shell, and NLNG.
• Nigerian Content Development and Monitoring Board (NCDMB)coreStrategic or Co-development Partner · 21 November 2025The NNPC/Seplat JV commissioned and formally handed over a fully integrated Power System and Underground Cabling Project to NCDMB at the Nigerian Oil and Gas Industrial Parks Scheme (NOGAPS 1) in Odukpani, Cross River State. This project demonstrates local content development and knowledge transfer in the Nigerian oil and gas industry.
• NNPC Exploration and Production Limited (NEPL) / NNPC LimitedcoreStrategic or Co-development PartnerSeplat operates through joint ventures with NNPC Exploration and Production Limited (NEPL), the upstream arm of NNPC. The NNPC/Seplat JV is the primary operational vehicle for Seplat's upstream assets, covering producing fields in the Niger Delta. NNPC holds a 55% participating interest while Seplat holds 45%. The JV conducts extensive CSR programs including the 'Eye Can See' optical program (23,447 screenings, 797 surgeries, 13,525 glasses), STEAM laboratory commissioning in Edo schools, the PEARLs Quiz competition, the STEP teacher empowerment program (623 teachers graduated in 2026), and the National Undergraduate Scholarship programme.
• Acquisition of Shell, ExxonMobil, and Eni AssetscoreStrategic or Co-development PartnerSeplat has been a key acquirer of assets divested by multinational oil companies (Shell, ExxonMobil, Eni) in Nigeria. These acquisitions have enabled Seplat to become Nigeria's largest indigenous oil producer, accounting for over 50% of national output. The divestments represent a broader shift of Nigerian upstream assets from international to indigenous operators.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Waltersmith Petroman Oil Limited: Nigerian independent E&P with upstream oil production and a modular refinery business. Comparable indigenous peer with integrated upstream-midstream exposure in Nigeria's Niger Delta.
• ND Western Limited: Nigerian upstream oil and gas producer operating in the Niger Delta with both onshore and shallow offshore assets. Comparable indigenous E&P peer competing in the same IOC-divestment landscape and JV structure (with NNPC) as Seplat.
• Renaissance Africa Energy Company: Nigerian indigenous energy company formed via consortium acquisition of Shell Petroleum Development Company assets. Directly comparable as a domestic peer capturing IOC-divested upstream assets and competing for share of national production.
• Aradel Holdings Plc: Nigerian indigenous independent E&P with producing upstream assets and growing gas processing operations. Comparable to Seplat as part of the same indigenous producer cohort that now accounts for over 50% of Nigerian national oil production.
• Oando PLC: Nigerian indigenous integrated energy company with upstream oil and gas operations in the Niger Delta and downstream trading/marketing. Directly comparable as a Nigerian indigenous E&P facing the same regulatory, JV, and oil-price dynamics as Seplat.

Emerging players

• Heirs Holdings (Heirs Energies): Africa-focused integrated energy company that acquired OML 17 and a 20% strategic stake in Seplat from Maurel & Prom ($500M). Comparable as both a partner and emerging indigenous operator competing for the same Nigerian upstream consolidation opportunity.
• Sahara Group: African integrated energy business with Nigerian upstream, midstream gas, and downstream LPG/power interests. Comparable as a domestic peer with overlapping gas-to-power and LPG ambitions adjacent to Seplat's ANOH-led gas strategy.

Broad incumbents

• Shell Petroleum Development Company of Nigeria (SPDC): The historical dominant international operator of Nigerian oil and gas assets, now divesting upstream positions to indigenous players like Seplat. Comparable as a Niger Delta E&P operator and counterparty in regulatory/JV frameworks even as its direct footprint shrinks.
• Eni (NAOC / Nigerian operations): Italian major divesting onshore Nigerian upstream assets (NAOC) to indigenous players while retaining offshore and LNG stakes. Comparable as an IOC peer divesting to Seplat's cohort and competing for midstream gas and LNG value chain influence.
• TotalEnergies EP Nigeria: International major with significant Nigerian upstream (and gas/LNG via NLNG) operations, divesting onshore assets while retaining offshore interests. Comparable as a counterparty in the same Niger Delta basin and an IOC exit-driven competitive force for Seplat.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/seplatenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seplat Petroleum Development Company